Now we know where the bank profits come from

Regarding Advocate story: BMO cuts 1,100 jobs after Q2 profit sags 44 per cent to $358M; beats expectations

Regarding Advocate story: BMO cuts 1,100 jobs after Q2 profit sags 44 per cent to $358M; beats expectations

We sold our home last week and I was thinking how lucky we were to sell a home! Imagine my surprise when we got a phone call from our lawyer telling me that the penalty was $15,000!

That’s right, apparently the banks weren’t making enough money on the mortgages so now that interest rates have dropped, they changed the way they are calculating their penalty. . . so depending on your interest rate and months left on your mortgage now that determines what the penalty is.

Imagine my surprise, since we checked in November and were told it was $4,800, and in a few months it’s jumped to 15,000.00! And I am to feel sorry for who? The banks that are still making a profit of $358 million — in one quarter… For shame!

For the record, we were just about halfway through a 5-year closed mortgage.

Debbie York

Red Deer

Just Posted

Red Deer group looking to keep roads safe for cyclists

A Red Deer cycling group is concerned about road safety after multiple… Continue reading

Smoke and pets do not mix

Take care of your pets during the smoky weather

Former Red Deer lawyer sentenced

Charges included possession of stolen property

Man causes mischief with axe in Ponoka

Arson and attempted break and enter charges laid

WATCH: Raising money for kids at the Gord Bamford Charity Golf Classic

Former NHL players, Olympians, pro rodeo circuit members and musicians teed off… Continue reading

Oilpatch fears delays as U.S. judge orders further review of KXL pipeline route

CALGARY — Potential delays in the completion of the Keystone XL pipeline… Continue reading

‘Queen of Soul’ Aretha Franklin dies at 76

NEW YORK — Aretha Franklin, the undisputed “Queen of Soul” who sang… Continue reading

Arrests in Burnaby, B.C., as order against Kinder Morgan protest camp enforced

BURNABY, B.C. — The RCMP arrested protesters Thursday as officers enforced a… Continue reading

‘Hot and dirty work:’ Commander describes fighting massive Ontario wildfire

BRITT, Ont. — From a helicopter flying over a smouldering swath of… Continue reading

Calgary Fire Department logs record opioid overdose calls in July

CALGARY — The Calgary Fire Department says there were a record number… Continue reading

RCMP in Burnaby, B.C., say Kinder Morgan protest camp to be dismantled

BURNABY, B.C. — The RCMP arrested protesters when officers enforced a court… Continue reading

Study: Smokers better off quitting, even with weight gain

NEW YORK — If you quit smoking and gain weight, it may… Continue reading

Most Read


Five-day delivery plus unlimited digital access for $185 for 260 issues (must live in delivery area to qualify) Unlimited Digital Access 99 cents for the first four weeks and then only $15 per month Five-day delivery plus unlimited digital access for $15 a month